Net Loss Per Share

We compute net loss per share using the two-class method required for participating securities and multiple classes of common stock. The two-class method requires net income or loss be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all income or loss for the period had been distributed. The rights, including the liquidation and dividend rights and sharing of losses of the Class A common stock and Class B common stock are identical, other than voting, transfer, and conversion rights. As the liquidation and dividend rights and sharing of losses are identical, the undistributed earnings are allocated on a proportionate basis and the resulting net loss per share attributed to common stockholders will, therefore, be the same for both Class A and Class B common stock on an individual or combined basis.

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders for the periods presented:


(in thousands, except share and per share data)	December 31, 2024		December 31, 2023
Numerator:
Net loss attributable to common stockholders	$	(93,318)	$	(152,458)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted	7,862,853		7,583,622
Net loss per share attributable to common stockholders, basic and diluted	$	(11.87)	$	(20.10)

The following shares of preferred stock and common stock were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented, because including them would have been antidilutive:


	December 31, 2024	December 31, 2023

Outstanding stock options	557,361	662,499
2021 ESPP	2,366	—
RSUs	464,165	513,205
PSUs	45,870	26,255
Total anti-dilutive securities	1,069,762	1,201,959

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

Allbirds, Inc. Earnings Per Share Disclosure

About Earnings Per Share Disclosures

Other Available Disclosures